In surveying a population of MBA students at the Thunderbird School of Business,
ID: 2947157 • Letter: I
Question
In surveying a population of MBA students at the Thunderbird School of Business, the following information was obtained. Students were asked why they chose to apply to the program. The information is cross-classified by full or part-time status: i What is the probability that a randomly chosen person in this survey is a full-time student and chose the program based on its quality? 2 What is the probability that a randomly chosen person in this survey chose the program based on its quality given that the person is a full-time student? What is the probability that a randomly chosen person in this survey is a part-time student given that the selected person chose the program based on cost? What is the probability that a randomly chosen person in this survey is a part-time student or person who chose the program based on cost? (S-7) A company advertises for financial analysts with a CFA license. Among 20 qualified applicants 8 are white men, 4 white women, 2 Hispanic men, 3 Hispanic women, 1 black man and 2 black women. The company hires 5 CFA's to its staffExplanation / Answer
1) The probability that a randomly chosen person in this survey is a full time student and chose the program based on its quality is computed here as:
= 125/500
= 0.25
Therefore 0.25 is the required probability here.
2) Given that the person is a full time student, probability that a randomly chosen person in this survey chose the program based on its quality is computed here as:
= 125/200
= 0.625
Therefore 0.625 is the required probability here.
3) Given that the selected person chose on the basis of cost, probability that that a randomly chosen person is a part time student is computed here as:
= 220/250
= 0.88
Therefore 0.88 is the required probability here.
4) Probability that a person is a part time student or a person based on cost is computed as:
= (300 + 250 - 220)/500
= 0.66
Therefore 0.66 is the required probability here.
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